Jayanta Banerjee returns to ICICI Venture

Jayanta Banerjee has returned to ICICI Venture after a six-month stint at Lehman Brothers where he was leading the bank’s private equity investments for India. He will kick-start fundraising for the firm.

Jayanta Banerjee has rejoined ICICI Venture, one of India’s oldest private equity managers, after six months as a managing director and head of private equity for India at Lehman Brothers.

Banerjee, 41, started officially at Lehman on the 1st of June but had maintained close ties with Renuka Ramnath, the head of ICICI Venture, who invited him to return to participate in the implementation of “huge plans for ICICI.”

In an interview with PEO, Banerjee said he would help to effect the “disproportionate growth” ICICI Venture has earmarked. The firm plans to grow the assets under the firm’s management to $10 billion from $2.5 billion in the next three years, he said.

Banerjee first joined ICICI Venture in 2002. It raised a $250 million fund the following year.  Banerjee will again focus on fundraising as well as the firm’s expansion strategy.

The seasoned fundraiser said ICICI Ventures will launch two separate India-focused vehicles in 2008: a growth and buyout fund with a target of $1.5 to $2 billion, and a real estate fund with a $2 billion target. Hard-caps for both funds have not been decided.

Separately, the bank is also reportedly launching a $2 billion infrastructure fund and a fund-of-funds with an ultimate $2.5 billion target, according to The Economic Times, an Indian daily paper, which said ICICI Venture was set to raise $5 billion.